Long-Term Reinsurance And ILS Are Set For Growth

After a record-breaking 2024, Bermuda's life reinsurance sector is likely to expand further this year, according to Brad Adderley.

Adderley, who is managing partner of Appleby in Bermuda and runs its insurance practice, said in an interview at the Bermuda Risk Summit last month that, based on the new large reinsurers his firm was incorporating so far this year, there was a strong likelihood that Bermuda would match the 10 that were formed in 2024.

Adderley said the new companies – which must have capital of at least $500 million of assets – were beneficial to Bermuda and were engaged in large transactions with life and annuity insurers around the world, often in the tens of billions of dollars.